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(Solution Download) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COM


 

 

 

 

 

 

 

The following unadjusted trial balance is prepared at fiscal

 

year-end for Nelson Company.

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NELSON COMPANY

 

Unadjusted Trial Balance

 

January 31, 2013

 

Debit

 

Credit

  Cash$27,500
  Merchandise

 

inventory

13,500
  Store supplies5,800
  Prepaid

 

insurance

2,100
  Store equipment42,900
  Accumulated

 

depreciationA????1Store equipment

$16,050
  Accounts

 

payable

13,000

 

  J. Nelson, Capital

 

39,000
  J. Nelson,

 

Withdrawals

2,300

 

  Sales

 

116,100
  Sales discounts2,000
  Sales returns and

 

allowances

2,150
  Cost of goods

 

sold

38,000
  Depreciation

 

expenseA????1Store equipment

0
  Salaries

 

expense

25,700
  Insurance

 

expense

0
  Rent expense13,000
  Store supplies

 

expense

0
  Advertising

 

expense

9,200
  Totals$184,150$184,150

 

 

 

 

 

 

 

 

Rent expense and salaries expense are equally divided between

 

selling activities and the general and administrative activities.

 

Nelson Company uses a perpetual inventory system.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.Store supplies still available

 

at fiscal year-end amount to $2,650.

b.Expired insurance, an

 

administrative expense, for the fiscal year is $1,450.

c.Depreciation expense on store

 

equipment, a selling expense, is $1,600 for the fiscal year.

d.

 

To estimate shrinkage, a physical count of ending merchandise

 

inventory is taken. It shows $10,100 of inventory is still

 

available at fiscal year-end.

 

 

1.

 

 

 

 

 

 

 

 

Using the above information prepare adjusting journal

 

entries:

 

2.

 

 

 

 

 

 

 

 

Prepare a multiple-step income statement for fiscal year

 

2013.

 

 

 


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